Rate Classes
A rate class organizes rates into a single named set so you can control which set of rates are applied to the cost values. A single default rate class named "Basic" is defined when a new rate structure is created. You can create additional rate classes as needed. For example, during the proposal phase of a project, you may need to create additional rate classes to evaluate different pricing strategies. During the execution phase of project, you may need to maintain the Basic rate class for the budget values and a Forecast rate class for the estimate to complete (ETC) values. The Forecast rate class would be updated on a regular basis to incorporate the current forward pricing rates.
Which rate class is used to calculate direct and indirect costs can be controlled in the rate structure and at the project level.
Rate classes are defined in a named Rate Structure that is assigned to a project. There can only be one default rate class.
What do you want to do?
- Add a Rate Class. Includes step to set the default rate class in the Rate Structure.
- Set Project Level Rate Class. Follow these steps to assign a different rate class to the cost codes at the project level.